CIT Group negotiated a late-night lifeline with its bondholders Sunday that is intended to keep the ailing financial services firm out of bankruptcy court for at least another few weeks.
Under the terms of the proposal, CIT will receive $3 billion from some of its largest bondholders. The loan, which has a 21/2-year maturity and a relatively high interest rate (LIBOR plus 10 percent), is expected to give CIT some breathing room as it embarks on a global restructuring.
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